Finding a Surprise After Refinancing a Mortgage

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Carol Schlossman received assistance in paying $10,000 in mortgage arrears.

The New York Times Neediest Cases Fund recently featured this Children’s Aid story by Jennifer Mascia about Carol Schlossman and how she received help with paying her mortgage that was in arrears. Below is an excerpt from the original article.

To Carol Schlossman, Wachovia is a four-letter word.

“I had very good credit — until Wachovia,” she said recently as she rifled through a folder of papers, souvenirs of her dizzying odyssey through the subprime mortgage meltdown.

In 1998, her cousin, Arthur Schlossman, now 66, bought a two-family house in Sheepshead Bay, Brooklyn, for $240,000 in cash, earnings he had banked before the onset of severe schizophrenia. Ms. Schlossman, 62, moved in and assumed the role of his full-time caretaker — a former office associate at the New York City Department of Education, she was waiting tables until a heel spur forced her to stop working — and in return he signed over the deed to his house.

Three years later, she borrowed against the equity in the home to remodel the kitchen and catch up on credit card debt. Over the next five years she refinanced and borrowed three times, and each time the arrangement worked out well for her, lowering her monthly payments.

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To learn how you can make a difference for this family and many others, please link over to The New York Times Neediest Cases Fund or contact:

The New York Times Neediest Cases Fund
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Suite 1300
New York, NY 10036
(800) 381-0075

Photo courtesy of Robert Stolarik for The New York Times